
Educating Investors about Dividends (2025) by Andreas Hackethal, Tobin Hanspal, Samuel M. Hartzmark, and Konstantin Braeuer. 


These files provides the code used in the main tables and figures of Educating Investors about Dividends (2025) by Andreas Hackethal, Tobin Hanspal, Samuel M. Hartzmark, and Konstantin Braeuer. 
 * The data used in the analysis is restricted and we are unable to share it. 
 * The datasets provided (in directory) are psuedo-datasets which are randomly generated. 
 * It will allow you to understand the code for the tables and figures however, the values and coefficients produced will be meaningless.

* Procedure for generating randomized dataset:
 * Random sample of ~50 randomized investors
 * Generate random id (rfs_id)
 * Randomly generate values for main continous and binary variables of interest  (dividends, portfolio values, purchases, sales, age, gender, savings accounts, etc.)
 * All dividends and spending dates are pseduo-realistic in the sense that they could occur in our real dataset (random noise is added to the date variables)
 
* Additional notes;
 * Tables 1 and 7, and Figures 8 and 11 are not provided as they would share too much individual data, the code is however available. 
 * Appendix figures and tables are not included but provided upon request
 * _nw indicates non-winsorized variables
 
To run program:
 * simply unpack zip contents and run either/or Tables and Figures .do files. 
 * Stata 18+ is recommended
 * Additional programs used are as follows and are included in the directory 'ado'
	* esttab
	* reghdfe
	* coefplot
	* binscatter

Should you have any further questions about the data or code, please contact the corresponding author, Tobin Hanspal

Thank you for your interest in our work! 